It's amusing. He gets a whole ton of stuff wrong, but some right.

What he gets right is basically his almost inadvertent statements that the Fed is run by Goldman Sachs and general Wall Street establishment interests and all the effects of that. What he gets wrong is pretty much everything else.

We want inflation right now, lots of it. It's either that or default, which is the hard route. So far we're doing default because the banks run the place, and they make more money by extreme boom/bust cycles and accurately playing the markets based on those booms/busts. The banks want nothing more than for the real economy to hit rock bottom, but doing so via deflation would also hurt their fiat economy.

Their solution is the weak sauce QE that doesn't do much other than give the banks blow jobs while keeping the real economy from regaining ground. Part of this is because plutocrats only care about plutocrats, and part of it is IMO because they don't want to do things that will help the real economy much because they want to make sure the GOP is back in charge in 2012

What the Fed needs to do is commit to something like 5% inflation for the next five years. That would be soooooooo good, but it won't happen until we once again return to the United States of Republicans, and even then I'm not sure if they would even bother doing that